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Bloomberg said that Sweden unexpectedly return to deflation last month, sending the krona to its lowest against the euro since June 2012 as speculation increased the central bank will be forced to cut interest rates again.

“The Riksbank has for some time, especially after the ECB refi rate cut last week, been under increasing pressure to cut the repo rate,” SEB analysts including said Olle Holmgren said in a note today, Bloomberg wrote. “Today’s inflation data was a substantial downside surprise and confirms once again the low inflationary pressure in the Swedish economy.”

The Riksbank in October kept its repo rate at 1 percent and signaled tightening won’t start until late next year.